ADM Profit Increase 37% as Food-Ingredient Demand Climbs
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Archer Daniels Midland Co., the world’s largest grain processor, posted a 37 percent increase in fiscal third-quarter profit as food-ingredient demand climbed.
Net income rose to $578 million, or 86 cents a share, in the three months through March, from $421 million, or 65 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. The average estimate of 12 analysts surveyed by Bloomberg was for profit of 85 cents a share. Sales advanced 33 percent to $20.1 billion from $15.1 billion.